Unicredit, Orcel looks abroad and changes governance
Unicredit governance changes. In an extraordinary board of directors convened a few days after the one that approved the second quarter accounts, the bank in Piazza Gae Aulenti decided to switch to monistic systemwhich does not provide for the board of statutory auditors and assigns the control functions to an internal board committee made up of independent directors only.
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The question is not only of form but also of substance. The bank, explains a note, believes that the one-tier system is “capable of further improving the quality of governance, guaranteeing a greater effectiveness of controls through the integration of the control body within the Board and fully enhancing the driving force of the members of the control body through their direct participation in the decision-making processes of the Board”.
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